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Looking to spruce up your curb appeal, but don’t want to spend a fortune? There are lots of ways to improve the look of your home’s exterior without breaking the bank. You might be surprised by how much difference small projects can make.

Paint the front door, trim or shutters. With Exterior Paint costing about $30 a gallon, painting is an economical way to brighten up your house. Choose a color that pops, yet compliments the overall color of the home. Make sure to properly prep all surfaces before you paint so you’ll get great results that will last for years to come.

Upgrade your mailbox. If your current mailbox is looking shabby and old, you can fix it up or replace it at minimal cost. You can find new mailboxes for as little as $20. When installing a new mailbox, make sure to follow guidelines set forth by the city you live in.

Plant a tree. This is a common and easy way to beautify your yard. When choosing the tree, be sure to consider how big it will get to make sure it is a good fit for your space.

Replace exterior lighting. This is an easy way to upgrade the style of your home. Exterior light fixtures can be found anywhere from $20 and up. You may also be able to find unique, Vintage Lighting at second hand stores and salvage shops. Make sure that whatever you choose, they adequately illuminate your entryway and make it safer.

Install flower boxes. If you want to add color to your exterior, but don’t to paint, this is the way to do it! They can be installed on front porch railings or below the windows. Window boxes are relatively inexpensive or can be built and installed in no time. Choose flowers and plants that are easy to maintain and that will keep away pesky insects so that you can enjoy spending time outdoors.

These small, simple improvements can make a huge difference in the curb appeal of your home. Also, if you’re thinking about putting your house on the market, you will make a great first impression on potential buyers! Let Melissa Thompson and her team of professionals help you get your house listed and sold. Call them today at 901-756-8900.

A recent report by CoreLogic revealed that U.S. home values appreciated by more than 37% over the last five years. Some are concerned that this is evidence we may be on the verge of another housing “boom & bust” like the one we experienced from 2006-2008.

Recently, several housing experts weighed in on the subject to alleviate these fears.

Sean Becketti, Freddie Mac Chief Economist

“The evidence indicates there currently is no house price bubble in the U.S., despite the rapid increase of house prices over the last five years.”

“There is not likely to be a national bubble in the way that we saw the first decade of the century.”

Christopher Thornberg, Partner at Beacon Economics

“There is no direct or indirect sign of any kind of bubble.”

Bill McBride, Calculated Risk

“I wouldn’t call house prices a bubble.”

David M. Blitzer, Chairman of the Index Committee at S&P Dow Jones Indices

“Housing is not repeating the bubble period of 2000-2006.”

A recent article by Teo Nicolais, a real estate entrepreneur who teaches courses on real estate principles, markets, and finance at Harvard Extension School concluded that the next housing bubble may not occur until 2024.

“Those who study the financial crisis of 2008 will (we hope) always be weary of the next major crash. If George, Harrison, and Foldvary are right, however, that won’t happen until after the next peak around 2024.

Between now and then, aside from the occasional slow down and inevitable market hiccups, the real estate industry is likely to enjoy a long period of expansion.”

Bottom Line

The reason for the price appreciation we are seeing is an imbalance between supply and demand for housing. This has created a natural increase in values, not a bubble in prices.

Let’s the expert’s at The Melissa Thompson Team help you with all your Real Estate needs. 901-729-9526 or Melissa@YourKeyTomemphis.com.

While you may be aware that overheating dryers or ovens can cause fires, you might think dishwashers are safe because they have water. And water puts out fires…right? Wrong! Dishwasher fires can be caused by liquids coming into contact with the machine’s wires. Serious damage can occur when fires are ignited in dishwashers. According to a 25-year veteran of the New York City Fire Department, any appliance that powers a motor, heating element, or both always has a higher risk for fire - and dishwashers are a common example. He advises that they never be turned on when going to sleep or leaving the home.

Jars and other glass objects

Per survivalists, one of the best ways to start a fire is to use a piece of glass to refract sunlight onto dry wood. Without proper care, that same scientific process can happen on your own kitchen table. In 2015 a fire broke out in a southwest London home because of sun rays reflecting through an empty Nutella jar, the Associated Press reported. While it may seem to be a freakish way for a fire to start, the fire brigade’s investigative unit confirmed that the glass jar was to blame. The chances of this happening in your home are slim, but it is important to remember to never store flammable liquids like gasoline, cleaning fluids, paint thinners and even cooking oils in glass jars that you intend to leave out in the sunlight. Metal cans for commercial-use flammable liquids and plastic containers for things such as cooking oils are safer options.

Rodents

Small rodents like squirrels and rats like to burrow into your attic insulation in cold weather and chew anything they can get their teeth on, including rubber covered electrical lines. Unfortunately, if electrical wires become exposed dud to their protective insulation being compromised, there is a likelihood of igniting a flame. The key to preventing this from happening is to keep the critters out to begin with. Before winter season, make sure all vents are covered, holes are patched and cracks are sealed.

Laptops

If you have ever had your laptop computer in your, well, lap for an extended period of time, you know that they get hot. Because of this, it is a bad idea to leave one sitting on a flammable surface such as bedding, furniture or carpet. But the real culprit behind laptop fires is the lithium in the batteries. A poorly made battery can overheat and burst into flames. Last year the Samsung Galaxy Note 7 smartphones were recalled because they were catching on fire and it was the lithium batteries that were the problem. Any device powered by lithium ion batteries should be shut off when not in use and stored away from any flammable items.

Every homeowner wants to make sure they maximize their financial reward when selling their home. But how do you guarantee that you receive the maximum value for your house?

Here are two keys to ensure that you get the highest price possible.

1. Price it a LITTLE LOW

This may seem counterintuitive, but let’s look at this concept for a moment. Many homeowners think that pricing their homes a little OVER market value will leave them with room for negotiation. In actuality, this just dramatically lessens the demand for your house (see chart below).

Instead of the seller trying to ‘win’ the negotiation with one buyer, they should price it so that demand for the home is maximized. By doing this, the seller will not be fighting with a buyer over the price but will instead have multiple buyers fighting with each other over the house.

Realtor.com gives this advice:

“Aim to price your property at or just slightly below the going rate. Today’s buyers are highly informed, so if they sense they’re getting a deal, they’re likely to bid up a property that’s slightly under priced, especially in areas with low inventory.”

2. Use a Real Estate Professional

This, too, may seem counterintuitive. The seller may think they would make more money if they didn’t have to pay a real estate commission. With this being said, studies have shown that homes typically sell for more money when handled by a real estate professional.

A study by Collateral Analytics, reveals that FSBOs don’t actually save any money, and in some cases may be costing themselves more, by not listing with an agent.

In the study, they analyzed home sales in a variety of markets in 2016 and the first half of 2017. The data showed that:

“FSBOs tend to sell for lower prices than comparable home sales, and in many cases below the average differential represented by the prevailing commission rate.”

The results of the study showed that the differential in selling prices for FSBOs when compared to MLS sales of similar properties is about 5.5%. Sales in 2017 suggest the average price was near 6% lower for FSBO sales of similar properties.

Bottom Line

Price your house at or slightly below the current market value and hire a professional. This will guarantee that you maximize the price you get for your house.

When you’ve lived in a home for a while, it can start to lose the charm you first saw in it. Day to day life can make it feel like a burden rather than a retreat. Especially this time of year, when you’ve taken down the holiday decorations and the days are shorter and darker. But it doesn’t have to be that way. February is the month of love and it’s a great time to remember what made you fall in love with your house to begin with. Even if your current home is not your dream house, you can still create a place you will love. Here is a list of ways to love the home you have:

- Declutter. A messy, cluttered home can make you feel overwhelmed and embarrassed to have company. Negative feelings about your home make it a place of stress instead of a place of peace and comfort. Cleaning up the clutter can seem like a huge task, but once you’ve done it, you will be glad you did!

- Show the kitchen some love. Whether you love to cook or not, chances are you spend a lot of time in the kitchen. So, it makes sense to have a kitchen you enjoy. Simple things like keeping the sink, drainer and counters clear will go a long way into creating a space you will feel good about. Place some fresh flowers on your counter or eat-in kitchen table. Find a spot for a speaker so you can listen to music while cooking. Make the time spent in the kitchen a joy and not a chore.

- Make your bedroom a retreat. Your bedroom should provide you with peace, quiet and comfort. When decorating, you might focus on the rooms that guests will see. But don’t neglect your bedroom. It is your sanctuary. Your place to escape to when you want time alone. Choose colors that give your bedroom a relaxing vibe. Splurge on luxurious bed linens. And don’t be frugal when purchasing a mattress and pillows. Sleep is so important to your overall health and having the right mattress and pillows greatly effects the quality of your sleep.

- Display favorite family memories. Like many people, you probably have hundreds, if not thousands of photos on your electronic devices. Take some time to go through them and find photos of your favorite family memories to print and frame for display. Need some ideas? Check out Pinterest for lots of unique ways to display photos in your home.

- Design a room that works for you. Do you have a room that doesn’t get used much (if at all). For example, a formal living room that nobody in the family uses. Perhaps it’s time to make use of that room in a way that works best for you and your family. Don’t get tied down to the fact that is a “formal living room”. It can be anything you want it to be. Do you love to read? Create a cozy library with a comfy chair and book shelves. Do you need home office space? Then create a home office that makes you look forward to “going to work” each day.

Even if you are not currently living in your dream house, you can make small changes that will help you love the home you’re in!

Tax Day is looming and while it’s a dreaded task for some, doing taxes is something we all must do. One of the perks of being a homeowner is that it provides the benefit of some tax deductions. All homeowners should be aware of these tax perks to take advantage of them and maximize their financial savings. Recently, a government overhaul of U.S. tax laws included changes that affect homeowners. While these changes will not be in place for the 2017 tax year, it is wise to be prepared for how they will affect your 2018 taxes.

The mortgage interest tax deduction is considered a way to make homeownership more affordable.Qualifying homeowners can reduce their taxable income by the amount of mortgage interest they pay.Currently, you may deduct the interest you pay on mortgage debt up to $1 million ($500,000 if married and filing separately) on your primary home and a second home.Beginning in 2018, for homes purchased December 15, 2017 and after, the numbers change to $750,000 ($375,000 if married and filing separately).There is an exception in the new tax law that allows for a refinanced mortgage loan to be given the old loan’s origination date. This means if the old loan originated prior to December 15, 2017, the old limit of $1 million would apply.

The tax law through 2017 allowed homeowners to reduce their taxable income by the total amount of property taxes they paid. Starting next year, the deduction will be limited to a total of $10,000 for the combination of the cost of property taxes, state and local income taxes or sales taxes.

Home Equity Deduction

Up through your 2017 tax return, the tax law allowed for an added deduction for interest paid on home equity debt “for reasons other than to buy, build, or substantially improve your home.” In other words, if you took out a home equity line of credit to do something like pay tuition, the interest you paid on that line of credit was tax-deductible. Starting next year, this deduction will be eliminated.

As stated above, you may deduct interest on mortgage debt on both your primary home and a second home. The new law changes this a bit for 2018. It reduces the amount of eligible mortgage debt from $1 million to $750,000.

While it was a complicated process that involved criteria such as distance and timing of a move, up through this year the tax law allowed you to deduct some moving expenses if you moved for a new job. Starting in 2018, only active-duty members of the armed forces will be allowed to deduct moving expenses.

If you find the tax laws confusing, you are not alone. It is smart to ask a reputable accountant any questions you may have so that you can maximize the tax perks of being a homeowner!

With the internet making information about buying and selling homes so readily available, some may wonder if they need to hire a Realtor. The answer to that is YES! And here are the top ten reasons why:

Education & Experience

There is ample information on the internet about diseases and medications too, but I would bet that if you were sick you would seek out a trained medical doctor to help you. If you hire a Realtor, you don’t need to know everything about the housing market or the ins and outs of selling or buying a home. It is simply the smart thing to do to hire someone who knows more than you do!

Your Agent is Your Intermediary

Agents take the spam out of your property showings. If you’re looking to purchase a newly built home, your agent will keep builders’ agents from overwhelming you. If you’re selling, your agent will help you avoid wasting your time with “lookie loos” who aren’t really interested in purchasing and keep the focus on serious buyers.

Neighborhood Knowledge

Agents make it their duty to either have intimate knowledge about the neighborhoods in their area or to know where to find that information. They can provide comparable sales information and tell you where to find a plethora of demographic material about the neighborhood, such as data about schools and crime. They also have access to information regarding other homes for sale in the area and can use that knowledge to help you be competitive whether pricing your house to sell or bidding on a house to buy.

Price Guidance

Realtors don’t select prices for buyers and sellers, but they can help guide them to make intelligent choices for themselves. They will supply data regarding current market supply and demand conditions that will assist both buyers and sellers with pricing negotiations.

Market Conditions

A lot of time and energy can be saved by allowing Realtors to impart their knowledge regarding current market conditions. Yes, you can probably research it yourself, but do you truly want to spend your time doing that? This type of information will have a large impact on what you ultimately decide to do.

Professional Networking

With a competent Realtor, clients will have an “in” with other professionals they may need to buy or sell. Legal liability will keep agents from recommending certain individuals or companies over others, but they know which vendors have reputations for efficiency, competency and competitive pricing. So, they can provide a list of references with whom they have worked and assist you in making a wise selection.

Negotiation Skills & Confidentiality

Top producing Realtors are great negotiators because unlike buyers and sellers, they are not emotionally driven. In addition, they have negotiation skills that make them excel at their job. They are professionally trained to represent their clients’ best interests and to keep information confidential from competing interests.

Paperwork!

Today’s real estate purchase agreements can run ten pages or more. That’s a lot of paperwork. One tiny mistake can land you in court or cost you thousands of dollars. Avoid the risk and allow a professional to guide you through the process!

Questions After Closing

A smooth closing transaction doesn’t always mean that there won’t be complications later. There might questions that were overlooked in the excitement of closing on a home. A reputable Realtor will be there by your side even after the sale is complete to answer any questions that come up.

Relationship Development

Successful real estate professionals depend upon referrals for continued business. This gives them strong incentive to make their clients happy and satisfied. And it also means your Realtor will be there for you if and when you are ready to sell or buy again. Don’t be surprise to receive periodic updates from your agent in the mail.